Your will is a living document and that means you’re free to make changes throughout your life. Unfortunately, many people often think that their will is final once they write it and, even if their situations change, they fail to update it regularly. As your Dallas estate administration lawyer can tell you, this puts you at risk of leaving certain assets unaccounted for or increases the chances of you giving assets to beneficiaries who may no longer benefit from receiving them. So, when should you update your will? There are a few key signals you’ll want to watch for.
You’ve had a Major Lifestyle Change
Life has a way of changing quickly. People get married, divorced, have children and grandchildren, get new jobs, and sell their homes over the years. This means that the will you created originally may not align with your current lifestyle.
If you’ve had a major change like getting divorced or even inheriting a large estate, it’s worth reviewing and updating your will. Doing so will let you create provisions that protect the people who matter most and ensure that you’ll leave them with a clear plan of action to make distributing your assets easy.
You Can’t Remember the Last Time You Updated It
As a rule of thumb, it’s a good idea to meet with your Dallas estate planning lawyer once every three to five years to review your will and make sure it’s accurate. If you haven’t scheduled a review in more than five years or you can’t remember the last time you reviewed the document, don’t put it off. Schedule an appointment and go through each aspect of your will. You’ll be able to make updates as needed to reflect your estate as is, not how it was five or more years ago.
Your Beneficiaries Show Irresponsible Financial Behaviors
Ideally, you’ll put a lot of thought into who your beneficiaries will be. These should be people you’re close to and those who matter to you individually. But just because you appoint someone as a beneficiary doesn’t mean that they’ll necessarily be prepared to inherit what you leave them.
If your beneficiaries have started showing irresponsible financial behaviors like racking up debt or making questionable investments, you may want to modify your will to establish a trust for those beneficiaries. This will help you protect your assets while still leaving the people you love money or property that can benefit their lives.
Schedule an Appointment Today
These are just a few signs that it’s time to review and update your will with help from your Dallas estate planning lawyer. While it’s essential to contact your attorney to review your will if you experience even one of these situations, you’re free to review or update your will at any time, and as often as you’d like. If you can’t remember the last time you updated your will or you just want to make sure the document reflects your current situation, assets, and preferred beneficiaries, don’t wait. Contact us today to schedule a consultation and let our attorneys help you keep your will up-to-date.